The bear essentials

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The last two months have seen the most volatile credit markets anyone can remember, surpassing even the Russia crisis of 1998. At that time the credit market was dominated by banks who made markets, and credit-savvy (US) investors who generally held credits to maturity. It was a bond market and investors were either long or flat. Structured credit comprised a small CBO market and repackaged government bonds in tax arbitrage trades.

Today's credit markets are unrecognisable from their 1998 equ

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